sunny.png
Friday June 24th, 2022 7:22PM

Inflation hits record of 5% in 19 countries using the euro

By The Associated Press

LONDON (AP) — Consumer prices in the 19 countries that use the euro currency soared at a record rate, led by a surge in food and energy costs, figures showed Friday.

Inflation rose to 5% in December compared with a year earlier, according to Eurostat, the European Union's statistical office. That is the highest level in the eurozone since recordkeeping began in 1997, breaking the record of 4.9% only just set in November.

Energy costs spiked again in December, jumping at an annual rate of 26%, though that was a bit lower than the previous month, according to Eurostat’s data. A stronger rise in food costs contributed to the increase in overall inflation, picking up pace to 3.2%, higher than the 2.2% rate posted in November.

Soaring prices are compounding problems for European Central Bank policymakers who have been keeping interest rates at ultra-low levels to stimulate the economy as it recovers from the coronavirus pandemic.

Despite the omicron variant of COVID-19 surging and its uncertain effects on the global economy, central banks elsewhere have been raising interest rates to fight soaring inflation or taking steps in that direction.

The Bank of England became the first central bank in a major advanced economy to raise interest rates since the pandemic began. The European Central Bank has taken a much more cautious approach, but also decided to start carefully dialing back some of its stimulus efforts over the next year.

The U.S. Federal Reserve is moving faster than Europe as consumer prices jumped 6.8% over the past year in November, the highest such inflation rate in 39 years.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Top-ranked Novak Djokovic spends religious day in detention
Novak Djokovic is spending one of his important religious holidays in an Australian detention hotel working on his challenge against deportation regardless of who made an error on the visa or the vaccination waiver or whatever
5:02AM ( 41 minutes ago )
Military staff step in to help strained London hospitals
British troops are deploying to hospitals in London that are struggling to cope with “exceptional” staff shortages amid the surge in COVID-19 cases fueled by the omicron variant
5:01AM ( 42 minutes ago )
Thailand tightens entry requirements due to omicron spread
Thailand has announced it is tightening some entry restrictions while expanding its “sandbox” quarantine program, and has urged people to follow social distancing and mask rules to control the spread of COVID-19 fueled by the omicron variant
4:57AM ( 46 minutes ago )
Associated Press (AP)
Asian shares mixed after tech-led decline on Wall St
Asian markets are mixed after more declines in big technology stocks pulled major indexes lower on Wall Street
2:22AM ( 3 hours ago )
Cambodia's Hun Sen in Myanmar to meet military leaders
Cambodian Prime Minister Hun Sen is visiting Myanmar, seeking to revive a diplomatic initiative to restore peace following a military takeover nearly a year ago
1:07AM ( 4 hours ago )
Court date for Cuomo after DA asks judge to dismiss charge
Former New York Gov. Andrew Cuomo is set to make a virtual appearance before an Albany judge
1:05AM ( 4 hours ago )
AP Business
More weakness in technology stocks leaves US indexes lower
More declines in big technology stocks pulled major indexes lower on Wall Street, driving the market further into the red on the first week of the year
4:09PM ( 13 hours ago )
Dozens of protesters, 12 police dead in Kazakhstan protests
Authorities say security forces have killed dozens of protesters and 12 police have died during extraordinarily violent demonstrations in Kazakhstan
3:39PM ( 14 hours ago )
Stocks wobble as traders weigh outlook for rates, inflation
Stocks are wobbling in afternoon trading on Wall Street Thursday as investors consider the outlook for rising interest rates and inflation
2:14PM ( 15 hours ago )
AP Business - Economy
Stance on Russia, China a test for new German government
Germany has found itself facing a series of challenges in its relations with Russia and China that have been testing the foreign policy mettle of the new government since it took office last month
1:53PM ( 15 hours ago )
Scholz's party wants vaccine mandate decision this quarter
Germany’s biggest governing party says it aims for a final decision by the end of March on the introduction of a universal vaccine mandate against COVID-19
7:34AM ( 22 hours ago )
EXPLAINER: What's behind unrest rocking oil-rich Kazakhstan
Kazakhstan is experiencing the fiercest street protests since the oil-rich Central Asian nation gained independence three decades ago
7:20AM ( 22 hours ago )
AP Business - Industries
Anticipation that Fed will raise rates sends stocks lower
Stocks closed lower on Wall Street Wednesday after minutes from the Federal Reserve’s last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation
4:55PM ( 1 day ago )
Fed officials see earlier rate hikes as US hiring recovers
Federal Reserve policymakers at a meeting last month said the U.S. job market was nearly at levels healthy enough that the central bank's low-interest rate policies were no longer needed
4:36PM ( 1 day ago )
US stocks slump after minutes from Fed meeting rattle market
Stocks closed lower on Wall Street Wednesday after minutes from the Federal Reserve’s last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation
4:08PM ( 1 day ago )
AP Business - Financial Services
Top-ranked Novak Djokovic spends religious day in detention
Novak Djokovic is spending one of his important religious holidays in an Australian detention hotel working on his challenge against deportation regardless of who made an error on the visa or the vaccination waiver or whatever
5:02AM ( 41 minutes ago )
Military staff step in to help strained London hospitals
British troops are deploying to hospitals in London that are struggling to cope with “exceptional” staff shortages amid the surge in COVID-19 cases fueled by the omicron variant
5:01AM ( 42 minutes ago )
Thailand tightens entry requirements due to omicron spread
Thailand has announced it is tightening some entry restrictions while expanding its “sandbox” quarantine program, and has urged people to follow social distancing and mask rules to control the spread of COVID-19 fueled by the omicron variant
4:57AM ( 46 minutes ago )
Banned from the Olympics by IOC, NKorea puts blame elsewhere
North Korea says it will skip next month’s Beijing Olympics because of the COVID-19 pandemic and “hostile forces’ moves."
4:49AM ( 54 minutes ago )
Chinese anti-virus lockdowns add to concerns over economy
China’s lockdowns of big cities to fight coronavirus outbreaks are prompting concerns about more disruptions for the economy after two makers of processor chips said their factories were affected
4:42AM ( 1 hour ago )